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Tag Archives: HSBC

US tightening money laundering laws

Efforts to fight money laundering and empty shell companies would be strengthened by two bills introduced in the US Congress on October 23, by giving federal regulators enhanced powers to hold bank executives personally responsible for misdeeds. The move in the US House of Representatives comes after banks had to pay at least $5bn in fines and settlements to resolve allegations of laundering money for drug cartels, Iranian clients and the Cuban government. However, no bank executives have been indicted in those cases. Tackling shadowy shell companies was also on the agenda of the G8 meeting of the world’s largest economies in June. British Prime Minister David Cameron in particular pushed for the true beneficial ownership of companies...

November 15, 2013 at 2:58 pm | News Desk